Five Home Projects That Pay You Back
Home improvements are unique to you, your home, and your personal tastes. Nevertheless, some projects add more value than others regarding a home’s resale value. Kitchen and bathroom renovations recoup the most value in years past. But along with changes in the housing market, some items now supplant the traditional interior renovations.
Exterior projects now take priority.
According to an annual ranking of projects, focusing on your home’s exterior may be a smarter investment. Remodelers and real estate professionals use these rankings to assist with decisions about improvements that yield the most resale value for your home.
Consider the top five remodeling projects from 2021:
- New garage door: 93.8% return. A garage door freshens your home’s appearance immediately. It can also reflect enhanced security and ease of access.
- Manufactured stone veneer: 92.1% return. Stone veneer gives a facelift to a home’s exterior, and today’s technology provides a quality, high-end look.
- Minor kitchen remodel: 72.2% return. This project may include new cabinet doors, handles, stainless steel appliances or granite countertops, and fresh paint. Minor remodels yield a bigger payoff than a major kitchen remodel, which involves gutting the room, adding cabinetry, flooring, and a possible new layout.
- Fiber cement siding: 69.4% return. Made to look like wood-grained siding, brick, or stone, fiber cement siding is low maintenance, strong, and not as susceptible to weather damage, including warping or cracking. However, it may cost more to purchase and install than traditional vinyl siding.
- Window replacement, vinyl: 68.6% return. Vinyl windows are popular for their energy-saving capabilities and can last up to 30 years. They’re strong, durable, and are an excellent upgrade.
It pays to understand the value of the renovation you choose. Once you’ve evaluated your options, turn to ESSA for the financing. You can choose from a low-rate home equity loan or credit line for any project or purchase. To learn more, contact our Home Equity Expert today.